After the bell on Friday, Prospect Capital (PSEC) announced it would cut its quarterly dividend from 41 cents per share down to 10 cents per month starting in June. The company went on to say that it would increase its dividend by a quarter a cent in each of the subsequent two months, but this would leave the dividend almost 25% lower than it was previously.
In afternoon trading, investors were selling on the news, as shares of Prospect Capital fell more than 5% so far.
In other dividend news, Chesapeake Energy (CHK) maintained its quarterly dividend of 7.5 cents per share. Roper Industries (ROP) maintained its quarterly dividend of 9.5 cents per share. Pengrowth Energy Trust (PGH) maintained its monthly dividend of 7 cents per share. And South Jersey Industries (SJI) maintained its quarterly dividend of 33 cents per share.
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